EX-12.1 2 d402786dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Providence Service Corporation

Ratio of Earnings to Fixed Charges

 

    For the Years Ended December 31,  
    2008     2009     2010     2011     2012  

Earnings:

          

Income (loss) before income taxes and minority interest

   $ (167,916,215 )    $ 33,292,665      $ 41,291,503      $ 26,885,442      $ 16,692,780   

Fixed charges

     29,036,528        31,276,065        28,196,687        22,583,114        21,435,359   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (losses)

   $ (138,879,687 )    $ 64,568,730      $ 69,488,190      $ 49,468,556      $ 38,128,139   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

          

Interest expense

   $ 19,578,404      $ 20,798,250      $ 16,267,881      $ 10,206,032      $ 7,639,559   

Interest element of rentals

     9,458,124        10,477,815        11,928,806        12,377,082        13,795,800   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

   $ 29,036,528      $ 31,276,065      $ 28,196,687      $ 22,583,114      $ 21,435,359   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings (losses) to fixed charges(1)

     N/A        2.06        2.46        2.19        1.78   

 

(1) For purposes of computing the ratio of earnings to fixed charges, earnings consist of income before income taxes and minority interest, fixed charges, amortization of capitalized interest and distributed income of equity investees less interest capitalized, income from equity investee and distributions to minority holders. Fixed charges consist of interest expense, capitalized interest, and the portion of rentals deemed to be interest. Earnings were not sufficient to cover fixed charges by approximately $167.9 million for the twelve months ended December 31, 2008.